Question

jack is invested in $2500 in a mutual account that pays 4% annually.how much will his mutual stocks be worth in 5 years

Answer 1

Well since he left it for 5 years we do the following steps ->

5 years and 4% every year that's 20% in total.

0.20 or 0.2 * 2500 = 500 is 20% of the 2500.

Now add 2500 + 500 = 3000

Your answer is 3000. Hope I'm right

Answer 2

Year 1: $2500×1.04=$2,600
year 2: $2600×1.04=$2,704
year 3: $2704×1.04=$2,812.16
year 4: $2812×1.04=$2,924.65
year 5: $2924.65×1.04=$3,041.64

His mutual stocks will be worth $3,041.64 in 5 years.